I'm south of Missoula in the Bitterroot Valley. I posted some real estate around Kalispell for another member here who is looking at moving there for work. I agree some properties are dropping their asking price. But when a $400k property drops $20k and interest rates go up .50%... soon it becomes a wash. The mortgage bankers are asking for more "security" like a higher credit score or more cash for the down. Some counties are already warning that they will increase property tax 5%+. That forces the buyer to pony up more cash at closing to cover the tax and insurance. For those who are not cash buyers, tack on the PMI and that monthly note bumps them out of the running. I know several young couples (both working good jobs) who are putting off getting married until they can get into a home they own. So, there is a very large pool waiting for things to drop down, just a bit and they will snap them up.
I have been in the real estate "squeeze chute" a few times during the last 3 - 4 recessions. It is under contract so... Basically sold.
Here is a typical $400k in my town.
103 Belmont Ave, Hamilton MT, is a Single Family home that contains 1698 sq ft and was built in 1940.It contains 3 bedrooms and 2 bathrooms. The Zestimate for this Single Family is $372,100, which has increased by $2,994 in the last 30 days.The Rent Zestimate for this Single Family is...
www.zillow.com